The fee is meant to incentivize the seller to complete the due diligence process and provide evidence that the buyer is serious about buying the property. Buyers make earnest money deposits to sellers as a sign of their good faith when making a purchase, such as buying a new home.What Is Earnest Money? Each bidder will have to electronically sign or fill out any registration documents. Yes your earnest money deposit is refundable if you are removing or backing out of the contract within the time frame you set up. Use our free Contra Costa County, California mortgage closing costs calculator to quickly estimate your closing expenses on your home mortgage. The standard NC contract also has a separate amount for earnest money which is not forfeited until due diligence closes. "What do you mean I have to pay two fees?